Pi Network's Mica whitepaper was not offered by any of the known Pi companies but a new entity, PiBit Ltd, fronted by Ronan Kuczaj, CEO of DLT Solutions, a British Virgin Islands company that "offers expert services in crypto directorships, blockchain technology, and VASP compliance"
Why would they use another entity?
1. MiCA requires a legal “offeror” or “person seeking admission to trading.”
Creating a separate legal entity (PiBit) simplifies:
-- regulatory liability
-- European compliance
-- separation from SocialChain and the U.S. regulatory environment
-- isolating MiCA obligations
-- having a non-U.S. entity file the document
2. Corporate structuring for listings
Many projects use offshore subsidiaries to:
-- handle exchange relations
-- sign agreements
-- avoid U.S. legal exposure
-- comply with EU frameworks
This is standard practice in crypto
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